Jonathan Shapiro

A bulky order for the bank’s stock over the past fortnight has helped the country’s biggest lender pass $300 billion market capitalisation.

The Millner family will emerge with a $1 billion stake in the conglomerate which will sprawl from mining investments and private equity to building materials.

Former Point72 trader Lindsay Taylor and his $1.5 billion firm Drummond Knight have proved that global hedge funds can set up and prosper in Australia.

A generation of private equity raiders has grudgingly accepted the barbarian tag. Now they stand at the gates of a multi-trillion-dollar retail market.

The past month was one of the most profound and dramatic in the history of capital markets. Yet, they are back to where they started. How is that possible?

Some of the biggest private equity investors are retreating, prompting a rethink of values. Buying second-hand assets is an opportunity, and a big worry.

A separate review of the bank found “weaknesses in culture, leadership, and infrastructure could lead to material issues in the future”.

Should it proceed with an initial public offering, it would counter a trend of venture-backed companies delaying listings for years or even indefinitely.

ASIC has given a select group of private credit funds until mid next month to explain how they value assets, manage conflicts and look after its investors’ interests.

Phil King’s investment firm was the largest shareholder in Opthea, the eye treatment play that could become insolvent after a poor medical result.